Mortgage Calculator
Buying a home usually means financing the gap between the purchase price and your down payment. This calculator turns that gap into an estimated monthly payment so you can compare scenarios — a bigger down payment, a shorter term, a different rate — before you talk to a lender.
$0.00 / month
How It Works
Your loan amount is simply the home price minus your down payment. That amount is then amortized — spread across equal monthly payments — using the same formula banks use for any fixed-rate loan: EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ − 1], with n equal to your term in months.
This estimate covers principal and interest only. Real-world mortgage bills often add property taxes, homeowners insurance, and sometimes mortgage insurance or HOA fees, so treat this number as your baseline, not your final monthly housing cost.
Worked Example
A $300,000 home with a $60,000 down payment leaves a $240,000 loan. At 6.5% over 30 years, that comes out to roughly $1,517/month in principal and interest alone — about $546,000 paid in total, of which around $306,000 is interest. Switching to a 15-year term pushes the payment up to around $2,090/month, but cuts total interest to roughly $136,000, less than half — a useful trade-off to weigh if your budget can absorb the higher monthly payment.